Electronic Money Is Too Soon to Replace Cash

Due to technological innovations and competition among banks customers have a wider choice of banking products and services through electronic distribution channel referred to as E-Banking. E-Banking has a global acceptance due to the convenience it is providing, many of the services can be availed at the click of a mouse. Innovations in banking processes have reduced possibilities of human error. Banking has become more customers friendly and flexible.Every coin has two sides so does E-Banking with its various advantages has disadvantages too. The study is an investigation on the advantages, security problem of E-Banking and perception of customer towards E-Banking.

The electronic banking has various advantages than the traditional banking system which is simple and convenient for the users. The advantages are-

The primitive monetary instruments had a profoundly dynamic assistant nature, had no inborn quality. Their operation did not suggest the utilization of any particular item, but rather just the reference to a theoretical money related unit. Regardless of the possibility that the unique money related unit were symbolized by a given particular stock, this stock never took an interest in the operations, since what was implied was to make a conceptual reference to its worth, and not to trade different merchandise for it. Hence, currency was not, subsequently, created by a flash of brilliance, but rather originated from a need, and its development has reflected, at every time, the readiness of man to orchestrate its currency features to the reality of its economy. Perhaps even more importantly, invention of currency was the mother step in a new monetary system that has led to the birth of electronic banking and credit cards. To infer, pretty much as human advancement from viciousness to development has relied on upon the invention of currency, future advancement will rely on another definition and utilization of

As technology advances over the years, we have experienced and noticed that the trend in how payment are received have shift tremendously. Twenty years ago, check was the preferred way of payment. In today’s world, more and more payments are done by credit cards. Credit card transactions are instance that provides a faster payment method.

Monetary values have changed throughout history because problems presented in each system of commerce. Bartering was among the earliest forms of commerce to present a problem. It did not establish monetary value in anything specific, allowing an individual’s wants or needs to be deemed monetary values. Each seller could make exchange requests based on different things. For example, a starving man could deem grain a commodity if he only manufactures luxury goods. Based on his hunger, the starving man can request to make an exchange of his luxury good with farmers for grain. Given that luxury goods are not a necessity, nor desired by everyone, the farmers can refuse his offer. The man would have to barter with a third party to acquire whatever the farmers were willing to make an exchange for. Inconsistent commodities in bartering made transactions inefficient because it could require multiple exchanges. Standards were established to combat the inefficiency of bartering through establishing value in one set commodity that all would accept. With a standard, the man could obtain grain directly from the farmers because it is mandated that the standard be accepted as debt payment. Therefore, it is more efficient to have a standard which only requires one transaction than to barter. For a matter of convenience, value transferred from virtually any object to specific resources. A common resource used for standards is metal. In early empires and recent nations, gold and/or silver

With the barter system, it took longer for you to get what you wanted because of the trades you would have to make and with the money you have direct access to the goods or service that you desire. The Bible says, “For the love of money is the root of all kinds of evil,” (1 Tim.6:10 NLT). This speaks to the love of money and not money itself. This is for the people who cannot balance money and the world. The feeling of being powerful because of the amount of money they have, will sometimes lead to them taking advantage of certain situations or

The technology has been developing very fast in this modern world leading us to have very sophisticated life .With new inventions and new technology ,people are performing their work or duties so easily sitting at home. In olden days we have to always carry minimum cash with us ,where ever we go and we are afraid in case of carrying a large amount of cash with us because of security. After Getting the credit card facility ,it has become so easy for us to make use of money without running to get money from ATM or from banks for every situation by saving a lot of time and also having we have the track of amount we are using .These are all on one face, on the other side

Ross then talks about the codification of money and markets. Money has been our primary physical entity of currency, but in the past half century the modern financial system has designed a series of conveniences that have allowed people to move away from physical cash. Today citizens have Atm machines, credit cards, debit cards that allowed people to bypass the bank teller to access cash. Although this may be true, it made public's money unsafe and vulnerable to hackers and credit frauds.

The history of money fascinating commencing with cattle to cowrie shells, metal bronze/copper coins, and leather banknotes of white deerskin with colorful borders. Furthermore; North Americans wampum color of beads evolved into gold, paper money, and electronic transaction in our digital age. The value of trade involved and considered a token of honor in a particular transaction. The root of money therefore is a tool that allows us to trade with one another, your goods for mine, your efforts of mine are the keystone of civilization. Such is the nature of achievement to bring the value of something incredible born unarmed, having his/her brain as the only weapon. Man/woman cannot survive except through his/her mind, and his/her work was

The beginning of money started with barely when it became a universal measure for evaluating and exchanging all other goods and services in that time of history (181). This set the way for the modern world to use money in the same way. According to Harari “Money is accordingly a system of mutual trust, and just any system of mutual system: money is the most important universal and most efficient system of mutual trust ever devised” (180). This is the foundation on which money was built on and how it works in today’s modern world. The reason for money being such a big part of our modern world is because it “… is the only trust system created by humans that can bridge almost any cultural gap, and that does not discriminate on the basis of religion, gender, race, age or sexual orientation” (186). This quote provides the reason how money has helped the formation of our modern world. It shows how different cultures started to come together through trade of money. This is the positive aspect of the modern use of money. Even though money may have a positive effect on the trade and industry but, the principle of money itself has an evil side. It can effect someone’s traditions, relations, and human values. Many people believe that money can’t buy loyalty, love, or honor but, in today’s modern society it can. An example of this being betrayed is when Harari says,

Although, bartering did come with some limitations. Such as, if you were a fisherman in a town with only one butcher and you wanted to trade your fish for his beef but he didn't want fish, you would have to find something he would trade his beef for and trade your fish for it. Bartering on long trips also could cause some issues. To counter these shortcomings, There was a need for the invention of the man-made construct called money as a way to trade goods and exchange for services more easily. Blacks Law Dictionary defines money as: "In usual and ordinary acceptation it means coins and paper currency used as circulating medium of exchange, and does not embrace notes, bonds, evidences of debt, or other personal or real

Many financial institutions across the world have adapted to the change towards the cashless society by implementing electronic funds transfer via automated teller machines (ATM’s) and of late, the internet. By having a simple plastic card, society could completely eliminate the need for cash. The benefits range from the end user through to the government and the

As a result of money being developed as a practical means to exchange goods, the question of what is money is still relevant for scientific analysis. What is it really? Is it a social construct that has no intrinsic meaning? Is a dollar bill money? Is it a representation for value, or it is valuable intrinsically? Who decides the worth? What do we mean when we speak of money? The answers to these questions are not fully understood in our analysis of the current literature. Our goal is to explore this general theme and explain why it is a difficult questions. The method of achieving this goal will be to look at what money is definitely not, as well as some of the properties that money must include. This will reveal a perspective on money

There are several advantages of cashless transaction given by Olusola et. al., 2013 are discussed in detail as follows:

Money is a massive part of everyone’s life. Without it, we couldn’t get anywhere. That 's why we have coins, dollars, and credit cards – a currency. The way we use money is simple – you provide the right amount of money based on the cost or productivity of the product you are purchasing. But there is a new way to actually make a transaction that is different than money. But there is a new way on how you can actually transact that money. Now, with all things being simplified with technology, there is a new way for everything… even for purchasing things. Digital wallets: the more simple way to purchase anything, anytime.